The average price of a small Russian apartment fluctuates between 2 and 4 million roubles and, in the case of capital estate, the figure increases several times. This is significantly higher than the cost of housing in the United States, where 4-5 rooms in most states are purchased for $60-150,000. Americans, as well as Russians, are unable to pay their bills at once, and in 90 per cent of cases, mortgages are issued for between 5 and 30 years.
The average cost of mortgages in the United States is, depending on many conditions, 3.57 per cent of the year. If the loan decides to form a resident of another country, such as Russia, the rate may be increased by 1 to 2 per cent due to the risk. It is worth noting that there are two types of rates in this country: floating (may change once a few years) and fixed (contained for the full payment period). Loans at floating rates are cheaper, but more risky than fixed. The average amount of funds held is $100,000.
In America, there is an initial contribution to the purchase of real property, which is usually between 30 and 50 per cent of its price. In some cases, without the first payment, the cost of credit is usually increased.
The following documents will be needed to process the mortgage:
- Passport (or identification card/driver rights);
- Income profile;
- Credit history;
- One or more letters of recommendation from banks confirming at least two years of cooperation;
- Deductions from the account of the amount on which the amount will be sufficient for annual credit payment;
- A copy of the real estate sale.
The list is not fixed because each mortgage is issued individually. All documents should be translated into English. The application for money is pending for up to 30 days.